The competition involves players navigating a dribbling circuit, taking a 3-point shot, hitting targets with passes and driving for a layup. Lillard swished his first 3-point attempt in his winning run and finished the obstacle course in 29.8 seconds. Holiday's time was 35.6 seconds.
Houston point guard Jeremy Lin and defending champion Tony Parker also were in the field, but didn't come close to qualifying for the championship round.
Earlier, a team of Chris Bosh, Swin Cash and Dominique Wilkins won the Shooting Stars competition, beating the trio of Russell Westbrook, Maya Moore and Robert Horry.
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